IMF demands Ecuador end monetary financing
Central bank will need to cover liabilities vis-à-vis banks with international reserves
The International Monetary Fund (IMF) demanded Ecuadorian authorities put an end to monetary financing as part of a support programme approved on March 11.
The requirement prohibits any kind of direct or indirect financing, say IMF staff in the Article IV consultation released on March 20. The central bank must not purchase bonds issued by publicly owned enterprises, or provide guarantees to the government, public agencies and any other state-owned agencies.
This is one of the key objectives
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